Royal Philips Electronics, Merrill Lynch and Hewitt Associates (NYSE:HEW) today announced agreements in principle about the sale of Asset Management and Pension Management activities (part of Philips Pensions Competence Center, PPCC) to Merrill Lynch Investment Managers Limited (MLIM) and Hewitt Associates for Pension Administration (Hewitt), respectively. Terms of the transactions were not disclosed.
The Board of Trustees of Philips Pension Fund (PPF) fully agrees with both these transactions. As part of the transaction with MLIM, PPF will enter into a long-term partnership with MLIM for the management of PPF> ‘> s assets.
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